Studies in Economic Statistics N° 131: Revisiones en cuentas nacionales trimestrales Chile 2006-2019
IMACEC
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The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.
The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.
Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.
February 2024’s monthly index of economic activity, Imacec
According to preliminary information, last February the Imacec rose 4.5% compared to the same month the year before (figure 1). The seasonally adjusted series increased 0.8% with respect to the previous month and grew 2.8% in twelve months. The month came with one more working day than February 2023, accounting for the leap year.
Every activity contributed to the Imacec annual growth, with mining, services and other goods standing out (figure). Likewise, the increase in the deseasonalized Imacec was explained by all its components, mainly mining, services and manufacturing (figure 3).
The non-mining Imacec posted an increase of 3.5% in twelve months, while in deseasonalized terms it grew 0.6% with respect to the previous month.
Imacec analysis by activity
1. Goods production
The production of goods rose 8.7% in annual terms, due mainly to the 11.5% increase in mining. Meanwhile, other goods and manufacturing grew 6.7% and 5.2%, respectively.
In seasonally adjusted terms, goods production increased by 1.7% with respect to the previous month. This result was explained by all components, particularly mining, with 2.5%, followed by manufacturing, with 2.1%. Other goods posted an increase of 0.7%.
2. Trade
Trade activity showed an increase of 2.0% in annual terms, owing to both wholesale and retail sales. In the former, sales of household goods and foodstuffs stood out, and in the latter, sales in department stores, specialized food and beverage establishments, and pharmacies. In contrast, the sales of motor vehicles showed declines.
In seasonally adjusted terms, trade grew 0.4% with respect to the previous month, influenced by motor vehicles, a result that was partially offset by the drop in wholesale trade.
3. Services
Services increased 3.2% annually, showing growth in all activities, primarily transportation services.
Seasonally adjusted figures rose 0.5% with respect to the previous month.
